While selling pressure increased, buying power was even greater, with centralized exchanges seeing a net outflow of nearly 25,000 BTC.

The battle between old and new cycles will be decided in 2026.

Based on this week's testing, BTC is poised to break free from the $80,000 low.

BTC continues to move in tandem with the Nasdaq, awaiting the release of November's CPI and non-farm payroll data next week, as well as the impact of Japan's interest rate hike.

A US rate cut in December is a foregone conclusion, but the "bear market crisis" for BTC goes far beyond a liquidity test.

Short- to medium-term liquidity changes, coupled with internal dynamics, drove BTC to its second-largest monthly drop in this cycle in November.

下周降息后市场或有震荡，但不改中长期走好预期。

SEC新规将减缓财库公司的收购速度和规模，市场将之视作较大利空。

Forward-looking trading dominated, U.S. stocks returned to high valuations, and the market moved slowly upward against the backdrop of favorable macro data and a September interest rate cut.

With the resonance of on-site and off-site funds, BTC started the fourth wave of rise in this bull market.

If the on-site funds start to work and achieve resonance with the off-site funds, the fourth wave of BTC's rise in this bull market will come.

The internal structure is solid, and the short-term trend of BTC depends on the progress of the "geopolitical conflict".

A real breakthrough to a new level will require greater progress in the "reciprocal tariff war," "cryptocurrency policy," or the Federal Reserve's interest rate cuts.

With policy breakthroughs and capital inflows, BTC is becoming increasingly mainstream.

The Stablecoin Act is the second largest industry positive to date, second only to the approval of the BTC Spot ETF.